The RESP Registration Rejection Report lists clients whose Registered Education Savings Plan (RESP) registration requests have been rejected by the government grant administrator or the plan provider. Reviewing this report helps you resolve registration issues promptly, ensuring clients can contribute to their RESP accounts and qualify for government grants.
What is an RESP Registration?
An RESP registration is the process of formally opening an RESP with the required information for both the subscriber (typically the parent or guardian) and the beneficiary (the child). Registration details are submitted to government bodies and plan administrators to confirm eligibility for contributions and related grants such as the Canada Education Savings Grant (CESG).
Why Clients Appear on this Report
Clients appear on the RESP Registration Rejection Report when the initial registration submission is declined due to missing, inaccurate, or incomplete information. Common reasons for rejection include incorrect beneficiary information (such as name, SIN, or date of birth), incomplete Know Your Client (KYC) information, or missing documentation.
How this Impacts Clients
A rejected RESP registration prevents the client from contributing to the RESP and delays access to government grants such as the CESG. If unresolved, clients may miss out on contribution opportunities for the year and the associated grant amounts, which could reduce the total amount available for the beneficiary’s future education expenses.
How to Access the RESP Registration Rejection Report
To access the RESP Registration Rejection Report:
- Log in to the CRM portal.
- From the left navigation menu, click CRM > Accounts.
- On the account’s index page, you can access the report as a saved view by clicking +Add view to the right of the tabs on the index page, and selecting RESP Registration Rejection Reports from the dropdown.
You will now see a filtered list of all clients whose RESP Registration have been rejected.
Best Practices
- Review the RESP Registration Rejection Report regularly to stay on top of new rejections.
- Proactively communicate with clients to gather and correct any missing or inaccurate information.
- Double-check registration details prior to submission to reduce the likelihood of rejections.